elliotn
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Post by elliotn on Dec 21, 2017 2:00:30 GMT
Ooh, a surprise partial repayment was just made! Only about 6.9%, but presumably this is a good sign that the loan is performing well - or is it something more sinister? There's not been any recent updates on the website. I don't suspect anything sinister, just to be clear, just wondered if anyone has any insights into the repayment? Presumably some monies coming through on a sale, update due tomorrow but could have added some explanation to their email. Fortunately there was some up for sale so I could make my number beautiful again!
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elliotn
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Post by elliotn on Dec 20, 2017 9:03:27 GMT
Done & dusted within the minute.
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elliotn
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Post by elliotn on Dec 20, 2017 2:09:51 GMT
Bet I can't get the rate I sold a few grand of 15% loan back!
Debenture over established manufacturing company with sizeable fixed assets, liquid assets, long term profits and a government receivable (of some sort) in the post was asset backed in my book 😉 /chartered accountant hat on.
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elliotn
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Post by elliotn on Dec 20, 2017 2:02:25 GMT
You can edit your message (toggle on right hand corner). Only mention it as moderators adjust members’ post counts for extra posts (for example to reach the DDC 50 post level).
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elliotn
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Post by elliotn on Dec 19, 2017 16:30:58 GMT
And acknowledgement to the borrower for keeping up their end of the arrangement when alternative paths may have appeared more tempting / financially rewarding. New2p2p is absolutely right to draw out attention & pass thanks to BOTH Collateral & most importantly the borrowers. We read & report on double didget numbers of shisters via this forum. What a joy to experience borrowers for whom although things have not gone to plan still keeping their word. Read the statement of affairs in which the borrower had left all creditors high and dry (including us). Read the platform's correspondence about the threat of legal action wrt fraud or theft for the cars that had been removed wholesale from the lot. Then most importantly thank Collateral for ensuring we did not have to deal with the kind of sh*****s that you allude to.
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elliotn
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Post by elliotn on Dec 19, 2017 15:32:07 GMT
Part of the loan description addressing the exit issue states "loan agreements carry covenants with sales milestones which will be monitored as well as requirement for the redevelopment to be complete in good time to allow for the legal completion of the sales" Something I'd quite like to see is a development schedule, and as there are apparently contractual sales milestones it would be good to have an idea of the scale and time frame around these too. I appreciate that there are few capital developments that ever complete on time and within budget, and you can virtually guarantee the unexpected, but it would give me a better idea of the feasibility of the project and more information to access progress during the course of the loan. Is there any information on an expected purchase completion date or refurbishment start date at least MoneyThing? Just realised it's gone live as I'm writing this - nearly 25% gone in the first 5 minutes. I liked that and then wondered how quick/objective the MT updates' filter would be. A fixed interval update would be perfect. Having had to chase up updates expected 'next week' from September and October I'm unconvinced. Apart from workload I sometimes wonder if we are being protected from bad news to avoid panics etc. Sooner the better for bad news as far as I'm concerned; if borrower forbearance is being given then better to tell us from Day 1 of a missed payment / sales' covenant etc than to let us continue investing under misinformation.
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elliotn
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Post by elliotn on Dec 19, 2017 15:01:30 GMT
The area is suitable for office spaces, especially start-ups, this district is known for fintech out to Silicon Roundabout, project prima facie viable - no comment on our borrower's build out though.
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elliotn
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Post by elliotn on Dec 19, 2017 6:18:00 GMT
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elliotn
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Post by elliotn on Dec 19, 2017 3:35:14 GMT
Whats the general consensus then , are people going to dip their toes like me or does it look tasty enuff to put a few bob in.
Somewhere inbetween, so 'dip a few bob' perhaps.
Cash revenues seen, new planning visible as option is exercised, city centre location, expected to be a self-funded development (ie borrower/buyers will improve value of our 1C as it progresses beyond the initial gutting); main niggles are size of the residual value uplift above 90% LtPP (toppy sales psqf, lowish build cost pspf & contingency etc) plus couple of the director associations.
*Dipping a Few Bob means double my other serviced by borrower/filtered by MT loans but less than my LStA default and half my retained interest loans.
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elliotn
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Post by elliotn on Dec 18, 2017 21:55:44 GMT
Loan could get pulled. Ly no longer hold loan parts for regulatory reasons. Underwriters may hold it and for development loans they advised unfilled parts would queue jumo to avoid them holding although recently for sizeable parts they have relaunched in the pipeline with the same update.
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elliotn
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Post by elliotn on Dec 18, 2017 21:43:15 GMT
I don't want to join,we were told anything discovered there would find it's way to the main forums....seems not to be the case then A RightMove link to the auction site showing it Removed at 900k during the year. A link to the auction by star dust shows the 2007 planning had for 50 resi had lapsed so this would appear to corroborate MTs FAQ that any new planning resulted in uplift after purchase.
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elliotn
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Post by elliotn on Dec 18, 2017 21:37:57 GMT
FAQ added to loan updates tab. Thanks MT
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elliotn
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Post by elliotn on Dec 18, 2017 14:15:27 GMT
No problems for MT.
All platforms use RICS which are based on normal market conditions.
Start with 90D value and discount some (10-20%?) for a distressed sale in recovery.
MT are a business that need to offer competitive loans.
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elliotn
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Post by elliotn on Dec 18, 2017 14:07:07 GMT
Afternoon, Thank you for your questions, keep them coming and we will look to upload an FAQs on this loan this evening. Regards, Ed Thanks Ed, the F&Qs are excellent.
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elliotn
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Post by elliotn on Dec 18, 2017 13:47:41 GMT
Blimey, you're one Sleuth, Dude! rogerthat!
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